Regulatory framework

The regulation of activities of the authorized rating agencies is provided by the National Commission on Securities and Stock Market in accordance with the Law of Ukraine ‘On State Regulation of Securities Market in Ukraine’ and tasks vested upon it, in particular: to issue a Certificate on inclusion into the State Register of Authorized Rating Agencies to the authorized rating agencies, to determine a list of the international rating agencies, which by law have the right to determine the mandatory ratings of issuers and securities, to establish a procedure for keeping and maintain the State Register of Authorized Rating Agencies, to set out rules for determining of rating evaluation by an authorized rating agency in accordance with the National rating scale, to establish a procedure for submission of information by a rating agency to the National Commission on Securities and Stock Market, to establish the conformability of grades of rating evaluations by the scale of the international rating agencies to the grades by the National rating scale and to summarize the experience and practices of the credit rating agencies as well as to ensure the disclosure of certain rating evaluations to the public.